Washington, DC – US media reports have revealed a covert US military operation aimed at securing the passage of oil tankers through the Strait of Hormuz. This comes amid ongoing military tensions with Iran and a decline in maritime traffic in one of the world’s most important energy shipping lanes. According to Axios, US forces are managing […]
SLB, the world’s biggest oil field services provider, said it will take time for full production capacity to return to the Middle East and will require a durable resolution to the US-Iran conflict.
Marubeni has sold its 12.5% interest in the Big Foot oil and gasfield in the US Gulf to Modiin Energy and Eventide Partners, the companies said on Thursday.
India, the world’s third-largest importer of oil and the second-largest buyer of liquefied petroleum gas, faced major disruptions due to restrictions on the Strait of Hormuz during the conflict between the US and Iran.
Oil prices have climbed following the latest flare-up in hostilities between the United States and Iran.
US President Donald Trump said talks with Iran over an interim peace deal will “work out well,” even as the countries’ forces clashed again near the Strait of Hormuz.
The US and Iran have reached a tentative deal to extend a ceasefire by 60 days and launch further talks on Tehran’s nuclear program, a person with knowledge of the matter said, raising hopes the three-month conflict could be nearing a resolution.
The US and Iran exchanged fire in a flareup of violence on Monday that also drew in the United Arab Emirates, prompting calls for renewed strikes on Iranian targets and casting doubt on the fate of a four-week ceasefire.
Iran’s parliament speaker pushed back at U.S. claims of energy leverage on Sunday, arguing Tehran still holds unplayed supply cards as Strait of Hormuz oil exports remain 95% below normal flows.
Oil rose as peace negotiations between the US and Iran stalled, with both sides using blockades of the vital Strait of Hormuz to try and gain leverage in a seven-week war that has upended global energy markets.